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Kinross resumes mining at Tasiast after a mill fire, reduces 2021 guidance

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(Kitco News) - Kinross Gold (TSX:K; NYSE:KGC) today provided an update regarding the temporary suspension of milling operations at its Tasiast mine due to a fire that occurred on June 15, 2021.

Kinross confirms there were no injuries as a result of the fire. Mining activities have resumed at Tasiast, including stripping to access higher grade ore. Kinross added that construction work on the Tasiast 24k expansion project has also resumed and the company is evaluating opportunities to optimize the project while milling operations are suspended.

Kinross said it is drawing on resources from across the company to expedite actions to reduce the SAG mill’s downtime and to review all potential strategies to mitigate the expected production deferral. With mining activities continuing at Tasiast, Kinross expects to process stockpiles of higher grade ore when the mill restarts.

The company said it does not anticipate the fire to affect Tasiast’s life of mine production and mineral reserve estimates or have a material impact on the mine’s overall value.

The company noted that it has revised its 2021 production guidance to 2.1 million Au eq. oz. (+/- 5%), compared with 2.4 million Au eq. oz. (+/- 5%) disclosed on February 10, 2021. In 2022 and 2023, Kinross continues to expect annual production to increase to approximately 2.7 million Au eq. oz. and 2.9 million Au eq. oz., respectively.

Kinross is a Canadian-based senior gold mining company with mines and projects in the United States, Brazil, Russia, Mauritania, Chile and Ghana.

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